Arab countries 'agree on governance principles'

Corporate governance expert Dr Nasser Saidi has claimed there is "no one recipe" for improving transparency and reporting procedures throughout the Arab nations.

The chief economist at the Dubai International Financial Centre Authority said a general consensus on corporate governance principles does exist, but interpretations vary from country to country, Gulf News reports.

Dr Saidi, who is also executive director of Dubai's Hawkamah Institute for Corporate Governance, suggested that different economic structures across the region make it impossible to implement a "one-size-fits-all" approach.

He told the publication: "The working environment differs among the Arab countries and it is important to implement the Hawkamah principles in a correct way."

The institute hosted its fifth annual regional conference in Muscat, Oman on October 31st and November 1st.

Attracting speakers from 17 countries across the Middle East and north Africa, the event featured a discussion of corporate governance challenges in banks, private equity firms and family-owned enterprises.